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Dec 11, 2013
12/13
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are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very difficult to enforce. >> i'm not 100% sure that's right. i think the regulators over the past year in the time after the london whale trade of jp morgan, the one that cost them so much money, i think it's the way they're treating banks. i think they're going to be tough. >> look, tie the bonuses tha toe jobs created in the private sector. >> the problem on wall street they say they're about creating jobs but they're about creating money for themselves. >> and trading paper. >> the era when wall street cared about job creation and the rest of the country is long gone. an
are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very...
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Dec 10, 2013
12/13
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KQED
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how about the so-called volcker rule, and will it protect you? coming up. >>> in a rare show of unity, eight of the nation's biggest tech companies have pushed limits. google, microsoft, apple, facebook, twitter, linked in, yahoo! and aol sent an open letter to congress, calling for reforms and restrictions on how the government collects data on internet users. they also want government agencies to be more transparent on what they're looking for. >>> well, some of the tech companies have seen their share prices soar this year, but not every company has been so foreig fortunate. we take a look at some of the stocks. >> reporter: dogs to darlings, when one of the biggest losers one year turn into rising stars the next. it is a trend that the portfolio managers watch closely. >> it is almost a wall street tradition but not one lightly taken, and especially in a year where you have seen significant out-performance by many stocks. >> it happened last year when bank of america more than doubled. one of the top gainers in the s&p 500. a year after it lo
how about the so-called volcker rule, and will it protect you? coming up. >>> in a rare show of unity, eight of the nation's biggest tech companies have pushed limits. google, microsoft, apple, facebook, twitter, linked in, yahoo! and aol sent an open letter to congress, calling for reforms and restrictions on how the government collects data on internet users. they also want government agencies to be more transparent on what they're looking for. >>> well, some of the tech...
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Dec 11, 2013
12/13
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CSPAN
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the senate approved the volcker rule named after its chairman. it was a practice seen by some as a contributor to the 2008 financial crisis. thank you, mr. chairman. i support the staff in andlizing this rule extending the performance. . i want to congratulate the staff for completing this work and making these difficult judgments. this will help with financial speculation in institutions and , anre a safety net important liquidity's and the markets, and also safety and security of financial institutions. you have worked very strike, in this role, just the right balance. i congratulate you on doing that. given the absence of the distinction, i think this is an important responsibility to make sure that this works as intended. i support it. i thank you for all of your hard work. i support the adoption of the final rule. like the vice chair and you have indicated, implementation here, probably more than most rules, is the key. there is a role to play there. a series of roles. we have to navigate carefully. >> i want to set a high bar for regulatory
the senate approved the volcker rule named after its chairman. it was a practice seen by some as a contributor to the 2008 financial crisis. thank you, mr. chairman. i support the staff in andlizing this rule extending the performance. . i want to congratulate the staff for completing this work and making these difficult judgments. this will help with financial speculation in institutions and , anre a safety net important liquidity's and the markets, and also safety and security of financial...
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Dec 10, 2013
12/13
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crossed -- i think we will bring an important role across -- rule across the line, the vocal room -- volcker rule. again, thank you. not have a statement. i want to thank you, mr. secretary, for those kind words, and thank my colleagues on the council. very rewarding working with all of you, and i think the council has served its purpose of helping us work together better and to better coordinate our efforts. very important that we recognize the financial system is a system. we cannot look at a piece by piece, but as a whole, and the council has been effective in promoting that holistic approach to oversight and regulation. so thank you, and again, it is been a pleasure working with all of you. >> on behalf of the council, thank you both for to read this service. [applause] -- four tremendous service. -- for tremendous service. [applause] as we approach the end of the year, i think it is safe to say that in recent months we have seen one of the most active financial reform since the president signed dodd- frank into law. and finalize put mortgage will. this council designated companies for e
crossed -- i think we will bring an important role across -- rule across the line, the vocal room -- volcker rule. again, thank you. not have a statement. i want to thank you, mr. secretary, for those kind words, and thank my colleagues on the council. very rewarding working with all of you, and i think the council has served its purpose of helping us work together better and to better coordinate our efforts. very important that we recognize the financial system is a system. we cannot look at a...
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Dec 20, 2013
12/13
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CSPAN
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volcker wanted to jump in. go ahead. >> a general point to follow on the president's comment, that you got a delivery. -- that you got to have delivered. i started a nonprofit agency to improve government. the slogan i got from thomas --son is appropriate here vision without execution is hallucination. [laughter] so we've got a lot of the vision here about dealing with corruption and we can all expound about the lorries of dealing with corruption and the importance and the moral and practical difficulties. but you have a practical problem in dealing with it in very difficult circumstances. dealing with both on the delivery side and on the supply easy, and you not have to keep at it. but the world bank doesn't do it, nobody else is going to do it in this area, and if you don't do it, everybody will use it as an excuse to not do it themselves. it's obvious. getting on the delivery, getting on the execution, you've got to work, as you are, and what other agencies and the rest of us can do to help the cooperation,
volcker wanted to jump in. go ahead. >> a general point to follow on the president's comment, that you got a delivery. -- that you got to have delivered. i started a nonprofit agency to improve government. the slogan i got from thomas --son is appropriate here vision without execution is hallucination. [laughter] so we've got a lot of the vision here about dealing with corruption and we can all expound about the lorries of dealing with corruption and the importance and the moral and...
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Dec 19, 2013
12/13
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CSPAN
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we have put a lot of the most important pieces in effect in the volcker rule is the most recent of the pieces. one way to measure the success is you have seen the rating agencies talk about or downgrade some of the largest financial institutions and not downgrade them because they think they are risky or unsafe but because they don't think that they are going to be bailed out by the taxpayers if they run into trouble. that was the central feature of dodd-frank and i think that is being increasingly understood by markets and increasingly understood by the people who assess this that there are going to be any more taxpayer-funded bailouts. part of that is about reducing the chances that you are in that situation again with things like volcker rule and preventing that from happening but also making sure if you are in that situation no rule is going to be perfect to prevent every problem from happening. and if you're in that situation that you have resolution mechanisms that we didn't have in our -- at our disposal to resolve those taxpayers put in a lot of money at risk for tarp. it was a
we have put a lot of the most important pieces in effect in the volcker rule is the most recent of the pieces. one way to measure the success is you have seen the rating agencies talk about or downgrade some of the largest financial institutions and not downgrade them because they think they are risky or unsafe but because they don't think that they are going to be bailed out by the taxpayers if they run into trouble. that was the central feature of dodd-frank and i think that is being...
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Dec 10, 2013
12/13
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the volcker rule is pretty good. i mean -- >> let me ask you -- >> we'll know more. >> but if you're sitting at home, and you don't do a lot with stocks or bonds, maybe you have a mixed fund in retirement. maybe you don't own anything in the markets. why should you care about this progress from the administration today? >> well, you care a lot, because if this doesn't work, we could have another meltdown. we could have another too big to fail. we could have another bailout of wall street. another cataclysm or near cataclysm that affects everybody. >> and jared, let me put up one thing from something you were working on, looking at basically this growth in the stock market and how it's totally outpacing regular gdp. 70% up in the stock market at s&p 500. a lot bigger than other indicators that affect main street. why are you concerned about that? >> it gets to what secretary risch was just talking about. if we have another financial bubble, and, by the way, it is precisely that that's brought down the last two busines
the volcker rule is pretty good. i mean -- >> let me ask you -- >> we'll know more. >> but if you're sitting at home, and you don't do a lot with stocks or bonds, maybe you have a mixed fund in retirement. maybe you don't own anything in the markets. why should you care about this progress from the administration today? >> well, you care a lot, because if this doesn't work, we could have another meltdown. we could have another too big to fail. we could have another...
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Dec 11, 2013
12/13
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all the key regulatory agencies in washington today voted to enact something volcker rule. the rule essentially aims to re-establish the old rules that had been put in place after the break depression that said banks can't gamble with your money. today's decision will start to put the wall back up between banks which are supposed to be safe and the kind of wall street wheeling and dealing that crashed the global economy in 2008. banks hate the volcker rule, and they spent millions of dollars lobbying against it but they lost. more to come, stay with us. [ grunts softly ] [ ding ] i sense you've overpacked, your stomach. try pepto to-go. it's pepto-bismol that fits in your pocket. relief can be yours, but your peanuts... are mine. ♪ >>> at nelson mandela's memorial, president obama was one of five head of state to speak today. greeted with a huge ovation. >> we would like to now welcome to the stage and to the podium and ask him to address, president barack obama! [ cheers and applause ] >> that cheering, foot stomping roar went on for almost a full minute before president
all the key regulatory agencies in washington today voted to enact something volcker rule. the rule essentially aims to re-establish the old rules that had been put in place after the break depression that said banks can't gamble with your money. today's decision will start to put the wall back up between banks which are supposed to be safe and the kind of wall street wheeling and dealing that crashed the global economy in 2008. banks hate the volcker rule, and they spent millions of dollars...
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Dec 3, 2013
12/13
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CSPAN
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the vocal rule is -- volcker rule is a key part of that. it is designed to keep the banks from engaging in excessively risky activities. including what people call retired terry trading. prop trading is easily when a bank takes its own money and makes bets on it in order to profit -- early to profit -- purely to profit. the concern to congress was that these banks have deposits from clients that are federally insured. they wanted to separate those activities of proprietary trading from the commercial banking activities where you have some federal backing. now the rule after many years of wrangling is fairly about to come out. been threerule has years in the making. what has been taking it so long? guest: a number of things. it is very complicated. it sounds simple, but actually putting it in place has proved to be a creaky lay in task -- huge task. you also have five federal regulators involved in writing the rule, which was another decision that congress made because they wanted to make sure that there were bank regulators involved. the fe
the vocal rule is -- volcker rule is a key part of that. it is designed to keep the banks from engaging in excessively risky activities. including what people call retired terry trading. prop trading is easily when a bank takes its own money and makes bets on it in order to profit -- early to profit -- purely to profit. the concern to congress was that these banks have deposits from clients that are federally insured. they wanted to separate those activities of proprietary trading from the...
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Dec 6, 2013
12/13
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CSPAN
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with a completion volcker rule, resolution authority, the tools of financial reform are being used to make our financial system safer and holding financial system responsible without the backstop of public support. regulators have worked hard to find the right balance that protects our economy and taxpayers while also leaving room for well functioning financial markets that fuel growth and help the private sector create jobs. the dodd-frank rule addresses root causes of financial problems. a premium on consumer financial protection, curbs on excessive risk taking, transparency and over site and massive over the counter derivative markets and necessary tools to prevent large and financial institutions threating the financial system. some of the greatest damage to both ordinary individuals and major financial firms began with deceptive and harmful practices that left millions of americans owing more than they could ever repay. dodd-frank created the consumer protection bureau to create transparency and choice. since opening its doors in 2011, the cfb already taken bold and actions. brin
with a completion volcker rule, resolution authority, the tools of financial reform are being used to make our financial system safer and holding financial system responsible without the backstop of public support. regulators have worked hard to find the right balance that protects our economy and taxpayers while also leaving room for well functioning financial markets that fuel growth and help the private sector create jobs. the dodd-frank rule addresses root causes of financial problems. a...
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Dec 6, 2013
12/13
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rule writers will put forth a volcker rule. the rule now before regulators for a vote is a product of much intensive work and analysis and, needless to say, years of effort. it prohibits risky proprietary trading while protecting economically essential activities like market making. the rule prohibits risky trading like the london whale that are masked as risks trading hedges. and strong compliance requirements that requires those in charge to make sure that the tone sends the right signal to the whole firm. it is critical to have an effective resolution process so that individual failing firms do not jeopardize the entire financial system or leave taxpayers at risk. dodd-frank prohibits the use of tax dollars to bail out any financial firm. it requires that we will and use the tools that the law provides. the largest financial companies have already submitted living wills or blueprints for how to unwind firms if they fail. regulators will require firms to rework these plans if they are not credible. if firms are not able to pr
rule writers will put forth a volcker rule. the rule now before regulators for a vote is a product of much intensive work and analysis and, needless to say, years of effort. it prohibits risky proprietary trading while protecting economically essential activities like market making. the rule prohibits risky trading like the london whale that are masked as risks trading hedges. and strong compliance requirements that requires those in charge to make sure that the tone sends the right signal to...
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Dec 12, 2013
12/13
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MSNBCW
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the volcker rule is something the banks have spent two years and millions lobbying against, but they lost the fight. that was yesterday. now today, the single most interesting ongoing fight within the democratic party also landed with a thud on wall street, "the wall street journal" reported on democratic senator elizabeth warren, saying any democrat who wants to expand social security or not cut medicare, like elizabeth warren, is a laughing stock and should never be taken seriously. the group that wrote that op-ed is called "third way," and calls themselves a liberal group. but liberal democrats are mad that third way could have any effect at all in politics, there was pushback regarding elizabeth warren herself, but today, the committee delivered to the third ways doorstep in washington, d.c. the pccc are demanding the anti-liberal forces in the democratic party show themselves. they're demanding that third way explain where they get their money from and who they are. there has been a fascinate thing to watch unfold on the left over the last few days. including the website, daily
the volcker rule is something the banks have spent two years and millions lobbying against, but they lost the fight. that was yesterday. now today, the single most interesting ongoing fight within the democratic party also landed with a thud on wall street, "the wall street journal" reported on democratic senator elizabeth warren, saying any democrat who wants to expand social security or not cut medicare, like elizabeth warren, is a laughing stock and should never be taken seriously....
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Dec 5, 2013
12/13
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eye 90
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rule writers will soon put forward a tough volcker rule that i expect to be true to president obama's vision and the statutes and 10. the rule now before regulators for -- intent. the rule now before regulators is the result of years of effort. it limits risky proprietary trading while protect inessential economic activities like market making such as selling bonds for mutual funds. it prohibits risky trading that's like the london whale and puts in place strong compliance to make sure that the tone at the top sends the right signal to the whole firm. now, in order to make sure that taxpayers are truly protected, it is critical to have an effective resolution process so that individual family firms do not jeopardize the entire system or taxpayers at risk. dodd frank prohibits the use of taxpayer dollars to bail out any taxpaying -- any financial firm. financial crisis, a canon will use the tools the law provides. -- it can and will use the tool the law provides. regulators will require firms to rework their plans if they are not credible. if firms are not able to provide a credible pl
rule writers will soon put forward a tough volcker rule that i expect to be true to president obama's vision and the statutes and 10. the rule now before regulators for -- intent. the rule now before regulators is the result of years of effort. it limits risky proprietary trading while protect inessential economic activities like market making such as selling bonds for mutual funds. it prohibits risky trading that's like the london whale and puts in place strong compliance to make sure that the...
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Dec 11, 2013
12/13
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MSNBCW
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eye 59
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banks hate the volcker rule, and they spent millions of dollars lobbying against it but they lost. more to come, stay with us. [ woman ] too weak. wears off. [ female announcer ] stop searching and start repairing. eucerin professional repair moisturizes while actually repairing very dry skin. the end of trial and error has arrived. try a free sample at eucerinus.com. ♪ [ male announcer ] 1.21 gigawatts. today, that's easy. ge is revolutionizing power. supercharging turbines with advanced hardware and innovative software. using data predictively to help power entire cities. so the turbines of today... will power us all... into the future. ♪ >>> at nelson mandela's memorial, president obama was one of five heads of state to speak today, and he was greeted with a huge ovation. >> we would like to now welcome to the stage and to the podium and ask him to address, president barack obama! [ cheers and applause ] >> that cheering, foot stomping roar went on for almost a full minute before president obama could deliver his eulogy today. we have got more on that straight ahead. and wha
banks hate the volcker rule, and they spent millions of dollars lobbying against it but they lost. more to come, stay with us. [ woman ] too weak. wears off. [ female announcer ] stop searching and start repairing. eucerin professional repair moisturizes while actually repairing very dry skin. the end of trial and error has arrived. try a free sample at eucerinus.com. ♪ [ male announcer ] 1.21 gigawatts. today, that's easy. ge is revolutionizing power. supercharging turbines with advanced...
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Dec 14, 2013
12/13
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CSPAN
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in helping us establish the paul volcker scholarship. he played a major role, and he helped us actually honor and pay tribute to paul volcker in this very room, and it was a successful event, don, in large part, due to you, so thank you for that. also joining us is david wessel, "the wall street journal," and david, for readers of "the wall street journal," david also needs no introduction. he's been with the journal for 30 years, and the capital columnist for ten, david? ten or so. he's written a best selling book, as you've heard, "in fed we trust." did you go with the whole title of that, david? the whole title is interesting, in fact, "in fed we bernanke's great war of 2009." thank you very much for both joining us today and look forward to this. thanks, david. >> thank you very much and thanks for doing this. i thought what we might do here is reflect a little on the lessons of history that liaquat and simon discussed, that influenced you while you were in the midst of avoiding the great depression, or likely you avoided two-thirds
in helping us establish the paul volcker scholarship. he played a major role, and he helped us actually honor and pay tribute to paul volcker in this very room, and it was a successful event, don, in large part, due to you, so thank you for that. also joining us is david wessel, "the wall street journal," and david, for readers of "the wall street journal," david also needs no introduction. he's been with the journal for 30 years, and the capital columnist for ten, david?...
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Dec 13, 2013
12/13
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who is the primary enforcer of volcker? >> the volcker rule came out of five different agencies. there are different aspects depending on what kind of a financial institution you are. >> can you submit in writing your view of this as chairman? >> i am happy to respond to your question. >> the time of the gentleman has expired. as previously announced, the chair now declare the committee in a brief recess. asef is going to be defined approximately less than five minutes. coming up on c-span, defense secretary chuck hagel talks about the effect of the budget agreement on military preparedness. three doctors testify about the impact of the health care law on their patients. later, treasury secretary jack lew on international finance issues. >> on the next washington journal, a look at the two-year $85 billion budget agreement and the 2014 republican agenda. our guest will be texas congressman kevin brady. more about the budget agreement with representative glenmore of wisconsin, a member of the budget and financial services committees. washington journal is live every morning at 7:0
who is the primary enforcer of volcker? >> the volcker rule came out of five different agencies. there are different aspects depending on what kind of a financial institution you are. >> can you submit in writing your view of this as chairman? >> i am happy to respond to your question. >> the time of the gentleman has expired. as previously announced, the chair now declare the committee in a brief recess. asef is going to be defined approximately less than five minutes....
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Dec 11, 2013
12/13
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rule waslled volcker approved. emily stephenson joins us on the phone. emily, what is the volcker rule and why does it matter? guest: thank you for having me on. so the volcker rule is really essential part of the 2010 dodd- financial regulation overhaul. banks can't make risky trades with their own money, a sickly. basically, the -- their own money, basically they basically, the idea is that they cannot rely on federal debt. be able to use their own money that can get them into trouble. host: so this was proposed as part of dodd-frank. why is it just being approved now? guest: that is a great question. it has been three years since dodd-frank passed and it took a long time to get this thing finalized. i think there's probably two things that are important to know about the genesis of the volker rule. the first thing is that the rule alsoroposed in 2011 but it proposed a lot of questions on how it should work. first of all, how banks need to be allowed to buy and sell stocks and bonds and things, that there clients can buy from them. establish that from
rule waslled volcker approved. emily stephenson joins us on the phone. emily, what is the volcker rule and why does it matter? guest: thank you for having me on. so the volcker rule is really essential part of the 2010 dodd- financial regulation overhaul. banks can't make risky trades with their own money, a sickly. basically, the -- their own money, basically they basically, the idea is that they cannot rely on federal debt. be able to use their own money that can get them into trouble. host:...
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Dec 17, 2013
12/13
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CSPAN
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eye 80
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the volcker rule -- host: are you there? being a small business person, regulations and the unintended consequences of regulations. guest: i think he was saying a lot of adjusting things. he mentioned the volcker rule, which make sure firms engaging in banking are not involved with speculative betting. he is exactly right. catered -- o, complicated. they are explicitly exempted. i agree that the dodd-frank legislation was too complicated. it would have been better if we had simpler legislation. it is a step forward. in terms of the complexity -- the uncertainty he talked about. dodd-frank is a good example. we are looking about 40% of the rules now being issued three years after the law was passed. why is that? is it because the industry that is complaining about delay has caused the delay? is crocodile tears for wall street to say they are facing uncertainty. created by suing the regulators of the rules they managed to get out. the biggest reason for the uncertainty is that industry opposes the regulation so much. host: sen
the volcker rule -- host: are you there? being a small business person, regulations and the unintended consequences of regulations. guest: i think he was saying a lot of adjusting things. he mentioned the volcker rule, which make sure firms engaging in banking are not involved with speculative betting. he is exactly right. catered -- o, complicated. they are explicitly exempted. i agree that the dodd-frank legislation was too complicated. it would have been better if we had simpler legislation....